Ice cream market to reach $104.96 billion by 2029

Pune, India, June 16, 2022 (GLOBE NEWSWIRE) — The world ice cream market size reached 71.52 billion USD in 2021. Market valuation is expected to rise from 73.61 billion USD in 2022 at $104.96 billion by 2029 at CAGR of 5.20% over the period 2022-2029. Rising consumer spending in fast food restaurants, intense research and development operations for creating unique product variants, and widespread availability of the product are expected to fuel the global market. Additionally, market expansion in a number of emerging markets is expected to be aided in the coming years by greater urbanization and rising disposable income, according to Fortune Business Insight™in its report entitled Ice cream market2022-2029.”

Impact of COVID-19:

Despite a slight disruption, the market should see a strong recovery

The global COVID-19 pandemic has disrupted the industry worldwide. Labor shortages and logistical constraints have become significant concerns for businesses. Many companies, especially small and medium ones, have been forced to shut down or stop production. With the number of new confirmed cases declining, the situation is expected to improve. As the impact of the pandemic lessens and transportation restrictions are eased, demand will skyrocket in the upcoming summer season. Some companies are focusing on capitalizing on changing market dynamics to offset the decline in product demand caused by COVID-19.

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Scope and Segmentation of the Ice Cream Market Report:

Report attribute Details
Market size value in 2021 $71.52 billion
Revenue forecasts in 2029 $104.96 billion
Rate of growth CAGR of nearly 5.20% 2022-2029
base year 2021
Historical years 2018 – 2020
Forecast years 2022 – 2029
Segments Covered By type, by flavor, by application, by packaging, by distribution channel and by geography
Forecast units Value (USD billion) and volume (units)
Quantitative units Revenue in USD Million/Billion and CAGR from 2021 to 2028
Regions covered North America, Europe, Asia-Pacific, South America, Middle East and Africa, and Rest of the World
Countries covered United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others
Number of companies covered Nestle SA (Switzerland), Unilever Group (UK), General Mills (USA), Amul (India), Dunkin Brands (USA), Blue Bell Creameries (USA), Dairy Queen (USA) ), Dairy Farmers of America, Inc. (USA), Cold Stone Creamery (USA), CAMAL Ltd Company (Azerbaijan) and many more
Report cover Market Growth Drivers, Restraints, Opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Regulatory Landscape, Market Attractiveness Analysis by Segments & Region, Market Share Analysis business and analysis of the impact of COVID-19.
Scope of customization Take advantage of personalized purchasing options to meet your exact research needs.

List of Key Players Featured in the Report

  • Nestlé SA (Switzerland)
  • Unilever Group (UK)
  • General Mills (USA)
  • Amul (India)
  • Dunkin Brands (USA)
  • Blue Bell Creameries (USA)
  • Dairy Queen (USA)
  • Dairy Farmers of America, Inc. (USA)
  • Cold Stone Creamery (USA)
  • Company CAMAL Ltd (Azerbaijan)

segments:

By type, the Impulse segment will register the fastest CAGR from 2022 to 2029

Based on type, the market is divided into impulse and takeaway. Pulses segment dominated the market share in 2021, owing to the growing popularity of conveniently packaged products among consumers. On the other hand, the take-out segment will register notable growth until 2029.

By flavor, vanilla segment to capture maximum share through 2029

In terms of flavor, the market is divided into vanilla, chocolate, fruit, and others. Among these, the vanilla segment is expected to dominate the market during the period 2022-2029, thanks to the growing popularity of the product. The chocolate segment is expected to hold the second largest market share.

By packaging, the cups segment will show a meteoric growth over the period 2022-2029

Based on packaging, the market is segmented into cup, stick, cone, jar, brick, and others. The cup segment is expected to capture the dominating market share till 2029, driven by the huge popularity of in-cup ice cream. The convenience associated with this type of packaging makes it extremely popular with consumers.

By Distribution Channel, Online Retailer Segment to Gain Traction through 2029

According to the distribution channel, the market is divided into ice cream parlour, supermarket/hypermarket, online retailer and others. Among these, the e-retailer segment is expected to grow significantly due to the growing trend of door-to-door delivery. Ease of online ordering will drive the growth of this segment.

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Market segmentation

By type

By flavor

  • Vanilla
  • Chocolate
  • Fruit
  • Others

Per package

  • Cup
  • Cone
  • To stick on
  • Brick
  • Bathtub
  • Others

By distribution channel

  • Hypermarket/Supermarket
  • ice cream parlor
  • Online retailer
  • Others

By geography

Drivers and Constraints:

Increase product innovation to drive market growth

Traditional ice cream is rich in nutrients, but it has no health benefits. As a result, market players are showing increasing interest in fortifying and adding beneficial ingredients that may entice consumers to select the product as a healthy snack option. Functional foods have benefits beyond basic nutrition, and they can help reduce or eliminate the risk of certain diseases. The global consumption of fortified or functional products is expected to increase owing to the increase in production, thereby augmenting the growth of the ice cream market in the coming years.

However, the short shelf life and seasonality could affect the consumption of the product to some extent.

Regional outlook:

Asia-Pacific will dominate the market share thanks to the increase in disposable income

Asia Pacific led the ice cream market share in 2021 and is expected to grow at a CAGR of 5.63% during the forecast period. The growing popularity of fast food, increasing disposable income, rapid urbanization, and the influence of Western cuisine and culture have all boosted product consumption across Asia-Pacific.

North America is expected to capture the second largest share of the market. The growing number of fast food chains in the region and the widespread use of natural ingredients in the creation of frozen dairy products are pushing the consumption of products.

The European market has evolved as major companies have adjusted their product portfolios in response to consumer interest and demand.

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Competitive Landscape:

Market players are focusing on developing and launching new products to strengthen their position

Leading companies, such as Nestlé SA, Unilever Group and General Mills, are focused on new product launches and collaborative projects with key stakeholders for portfolio expansion and product commercialization. For example, the Unilever Group announced the launch of the Double Red Velvet variant under its Magnum brand in January 2021.

Industry key development:

January 2022: Casper’s Ice Cream, a Utah-based company that owns brands such as FatBoy, Jolly Llama and Churn Baby, was acquired by MidOcean Partners, a New York-based private equity firm.

Detailed Table of Contents:

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
    • Market trends
  • key ideas
    • Porter’s Five Forces Analysis
    • PESTEL analysis
    • Industry SWOT Analysis
    • Recent Industry Developments – Policies, Mergers & Acquisitions and New Product Launches
    • Regulatory analysis
    • Market entry strategies
    • Supply chain analysis
    • Market analysis and overview (in relation to COVID-19)
      • Impact of COVID-19 on the market
      • Supply chain challenges due to the pandemic
      • Potential opportunities due to COVID-19
  • Global Ice Cream Market Analysis, Outlook and Forecast, 2018-2029
    • Main results/summary
    • Market size estimates and forecasts
      • By type (value)
        • Impulse ice cream
        • Bring back home
      • By flavor (value)
        • Vanilla
        • Chocolate
        • Fruit
        • Others
      • Per package (value)
        • Cup
        • Cone
        • To stick on
        • Brick
        • Bathtub
        • Others
      • By distribution channel (value)
        • Hypermarket/Supermarket
        • ice cream parlor
        • Online retailer
        • Others
      • By region (value)
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East and Africa

Table of contents continued

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Take a look at related research information:

Artisanal Ice Cream Market Size, Share and Industry Analysis to 2029

Impulse Ice Cream Market Size, share and forecast to 2029

Dairy Free Ice Cream Market Size, Trend and Forecast to 2029

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